Capital invested in Palestine industry totals $65,000,000, it was revealed today by Arieh Shankar, president of the Union of Palestine Industrialists, and S. Tishby, director of the Jewish Agency’s Department of Commerce and Industry.
In an interview with the Jewish Telegraphic Agency, Shankar and Tishby disclosed also that 39 new industrial enterprises had been established during the past five months. Many of the extra-quota immigrants, they said, were among the founders of the new establishments. During 1939, sixty-one new industrial enterprises were founded and 21 old concerns opened new branches, the two men stated. Other developments cited in the interview were:
Seventy new products which formerly had to be imported are now being produced by Palestine industry. The French military forces in Syria recently became one of the chief customers for Palestine products, placing orders totalling $500,000. The British Army also has placed important orders with Palestine manufacturers.
Approximately one-third of the capital investment in industry here is tied up in the building field. Less than one-quarter, or about $15,000,000, is invested in two of the biggest industrial enterprises, namely, the Palestine Electric Corporation and the Palestine Potash Company.
American investments in local industry total about $1,000,000. Some 30,000 persons are employed in industrial concerns but, Shankar and Tishby assert, this is only the beginning since there are strong indications of industrial expansion during this critical period.
The textile industry, particularly the manufacture of woolens, is developing rapidly. Heavy industry is also making headway. New steel mills are being erected in Haifa and are expected to be the largest in the entire Near East.
The steel works, which will have an initial capital of $100,000, will produce a type of steel hitherto manufactured only in Sweden. Steel of this type brings about $5,000 a ton in the market, while the iron ore used for its production costs only about $25 a ton. Owners of the mills are convinced that there will be no difficulty in obtaining raw material.
The Archive of the Jewish Telegraphic Agency includes articles published from 1923 to 2008. Archive stories reflect the journalistic standards and practices of the time they were published.
